Friday, August 27, 2010

Fremont Short Sale Negotiator Tactic Hurt$$$

I was going to wait until it closed escrow, but my Fremont short sale negotiator pulled a fast one. And I wanted to write about it. I also really do think it was the negotiator and perhaps the short sale lender together on this one.

Some time ago, I was helping a Fremont CA home buyer look at homes. We looked at a few good ones along with others that may not have been top on her list of a good Fremont real estate deal. There was one other home I was not going to show her because it was not ready. It was one of my own homes for sale in Fremont. It was a short sale, like some of the others.

Long story short, after much discussion about the home in Fremont that I had for sale, she really wanted to see mine. She bought my short sale listing and during the negotiations with the short sale lender it was disclosed that I was the agent for both buyer and seller--a bit easier to swallow when it is a short sale because the seller just needs approval and to be forgiven of the debt instead of getting a high net profit.

After the lender discovered the dual agency, they wrote back and said I was only going to get half of my percentage of the commission instead of the whole commission. They wrote, "sorry, their rules." and that was that.

Our office did not take this lying down. After a few calls and some firm words, it was remedied to my satisfaction. I found out later that this was a new tactic negotiators are allegedly using. I know this because my sources revealed that an earlier escrow with the same short sale lender just closed with dual agency (both buyer and seller represented by one office) and was paid full commission. I never used that piece of evidence in my dispute, but I was ready to.

The short sale lenders are perhaps praying on the tired disposition of agents who have become exhausted after months and months of work with commissions dangling by a thread. A lot of agents see that anything is better than zero when it comes to getting paid.

So, short sale lenders out there. Give a listen. Agents work very hard contrary to what some may feel. We make real estate move and fully represent our clients seriously. Lately, it seems like you are simply throwing us a small bone for a job well done. I will be glad when this short sale era goes away. By Jeff Pereyda

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about me

Jeff Pereyda was born in San Francisco
in the 60's then raised in Sunnyvale during the mid 60's on through
the 80's.

Growing up in the Bay Area and thanks
to his parent's unique hobby of surf fishing, Jeff learned his
long-time passion for surf fishing from his parents who carted him up
and down the coast at an early age hitting California's hot spots.
Jeff recalls one of the most important things he learned from his
mom. “My mom always said, 'you always have to have at least one eye
on the waves.' They're unpredictable at times.” Later, in his
twenties, and after earning a degree in Marketing, Management and
Sales, Jeff went on to study at San Jose Christian College and now
holds a Bachelor's Degree in liberal studies. After returning to the
work force, Jeff later studied to become a California real estate
broker. “Professionally speaking,” Jeff continues, “real estate
is a lot like the surf. The real estate market has its definite
crests and troughs, but it can be unpredictable. You have to always
keep an eye on it too.”

Jeff has earned the International
Diamond Award from Coldwell Banker in 2014 and has been in the top
10% in his office. At present, Jeff continues to provide personal
attention to detail in all his real estate transactions and has been
quite successful in his property management portfolio as well.

During his personal time off, Jeff
enjoys surf fishing and brewing hand crafted beer using his very own
DIY recirculating infusion mash system in the back yard of his custom
Livermore home. Life is good,and if you ask, he'll be happy to share.